forpressrelease Mail to a Friend
forpressrelease Rate forpressrelease forpressrelease forpressrelease forpressrelease forpressrelease 

NeoGrowth reports 51% jump in Assets Under Management to INR 2456 crore

2024-04-15 05:55:17 Business


Mumbai, February, 16th, 2024: NeoGrowth, the MSME-focused digital lender in India, announced its financial results for the third quarter that ended December 31, 2023.

Performance Highlights of Q3FY24 (October - December):

Asset Under Management (AUM) grew 51% to INR 2,456 crore in Q3 FY24, compared with INR 1629 crore during the same period last year
Disbursements climbed 39% to INR 672 crore in Q3 FY24
Gross revenue jumped by 67% to INR 160 crore in Q3 FY24
Return on Equity (ROE) stood at 13.19%
Return on Assets (ROA) was at 3.68%
Operating Costs to Net Revenue improved to 34.19% in Q3 FY24
Profit Before Tax (PBT) rose to INR 28 crore in Q3 FY24
For the nine months period (April to December 2023), PBT stood at INR 67 crore
Net Non-Performing Assets (NNPAs) remained low at 1.42%
Capital Adequacy (CRAR) stood at 30.69%, above the regulatory requirement of 15%

Mr. Arun Nayyar, Managing Director & CEO, NeoGrowth, said: "Our robust performance in Q3 FY24 is fuelled by our innovative product offerings, deep understanding of the customer segment and strong digital lending capabilities. By combining Digital Public Infrastructure with data science and analytics, we continue to enhance our customer selection and risk management processes. We not only aim to empower countless small businesses nationwide but also constantly strive to simplify lending across the value chain for MSMEs."

NeoGrowth follows a flow-based lending model and analyses the digital financial transactions of MSMEs to assess their creditworthiness. The company leverages India’s expanding digital payments ecosystem combined with its own robust data and analytics capabilities. NeoGrowth harnesses the existing Digital Public Infrastructure (DPIs), including e-KYC, Account Aggregator framework, DigiLocker, eSign, and UPI. The digital lender’s strong growth is driven by its holistic product suite, robust data-driven underwriting model, deep customer connect, strong data science capabilities, and analytical models across the value chain.

NeoGrowth boasts a robust portfolio of 26,000 active MSME borrowers across 75+ diverse industries and 25+ locations. This translates to more than INR 11,000 crore in loans disbursed and engagement with more than 150,000 MSMEs.

NeoGrowth’s success is further enhanced by the backing of esteemed investors such as Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund – Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.

About NeoGrowth:

NeoGrowth was founded by Dhruv Khaitan and Piyush Khaitan a decade ago. NeoGrowth is a new-age lender, with a focus on Micro, Small, and Medium Enterprises (MSMEs). It is a Systemically Important, Non-Deposit taking Non- Banking Financial Company (NBFC-ND-SI), offering a wide range of products tailored to the dynamic needs of small businesses. Its data science and technology-led approach enable it to offer quick and hassle-free loans to MSMEs across 75+ segments across 25+ locations in India. NeoGrowth offers a unique daily repayment option to its customers with multi-channel repayment modes. It has served and engaged with 1,50,000+ businesses and supported them with their growth ambitions. It not only helps small businesses grow but also drives financial inclusion making a positive social impact. Founded by industry veterans, its Board of Directors comprises experts, who guide the leadership team toward its strategic goals. NeoGrowth is also backed by renowned investors, namely Omidyar Network, Lightrock, Khosla Impact, Accion Frontier Inclusion Fund 6 Quona Capital, 360 One Asset, FMO, and Leapfrog Investments.

Company :-Adfactors PR

User :- Ankit Happy


Related Post